Company No: 10248926 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	I Birtles
	L Grut
	I W Harbour
	J McElgunn
	R T Paul
	G C Stirk
	A J Tyley

REGISTERED OFFICE	Level 14 The Leadenhall Building
	122 Leadenhall Street
	London
	EC3V 4AB
	United Kingdom

COMPANY NUMBER

10248926 (England and Wales)

AUDITOR	Praxis
	1 Poultry
	London
	EC2R 8EJ

	Note	2021		2020
		£		£
Current assets
Debtors	3	10,880		88,718
Cash at bank and in hand	4	67		0
		10,947		88,718
Creditors
Amounts falling due within one year	5	( 7,668)		( 84,543)
Net current assets		3,279		4,175
Total assets less current liabilities		3,279		4,175
Net assets		3,279		4,175
Capital and reserves
Called-up share capital	6	100		100
Profit and loss account		3,179		4,075
Total shareholder's funds		3,279		4,175

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of RSHP1 Limited (registered number: 10248926) were approved and authorised for issue by the Board of Directors on 30 September 2022. They were signed on its behalf by:

I Birtles Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

RSHP1 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Level 14 The Leadenhall Building, 122 Leadenhall Street, London, EC3V 4AB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The Company is dependent on the Parent LLP for all of its income. Due to global travel restrictions in 2021, the Company did not provide project support services in the USA to the Parent LLP. Activity recommenced after the year end as travel restrictions were lifted. The Parent LLP's forecasts and projections show that the Parent LLP and its subsidiaries are able to operate within the level of their current facilities.

Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Debtors

	2021		2020
	£		£
Amounts owed by Group undertakings	4,957		13,622
Amounts owed by connected persons	5,923		6,023
Corporation tax	0		867
Other debtors	0		68,206
	10,880		88,718

4. Cash and cash equivalents

	2021		2020
	£		£
Cash at bank and in hand	67		0
Less: Bank overdrafts	0		( 26)
	67		(26)

5. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank overdrafts	0		26
Amounts owed to Group undertakings	7,668		1,757
Amounts owed to Parent undertakings	0		5,795
Other creditors	0		76,965
	7,668		84,543

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts owed to Group undertakings and connected persons are repayable on demand and do not bear interest.

6. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

7. Related party transactions

Transactions with owners holding a participating interest in the entity

	2021		2020
	£		£
Amounts owed from an entity holding a participating interest in the Company	5,923		6,023
	0		0

During the year loan repayments of £100 (2020: £nil) were received.

8. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2021 was unqualified.

The audit report was signed by Christopher Blunn on behalf of Praxis.

9. Ultimate controlling party

The ultimate parent entity is RSHP Group Limited, a company registered in England and Wales. The parent entity of the smallest group which produces group financial statements is RSHP LLP, an LLP registered in England and Wales. The registered office of both entities is Level 14, The Leadenhall Building, 122 Leadenhall Street, London, United Kingdom, EC3V 4AB.

Both entities produce group accounts and copies of these can be obtained from Companies House, Crown Way, Cardiff.